Cryptocurrency market could hit $1 trillion this year with bitcoin surging to $50,000, experts say!
Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar value mark, Jamie Burke, CEO at Outlier Ventures said.
Technological advancements and new investor products could push bitcoin to $50,000 in 2018, Thomas Glucksmann of Gatecoin told CNBC.
Investors may focus on so-called “utility tokens” this year which are digital coins that can power blockchain technologies, according to one expert.
Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar mark in terms of value, experts told CNBC, following a recent violent sell-off across digital coins.
Bitcoin has seen a huge fall in recent days, dropping below $6,000 for the first time since mid-November.
On Wednesday, it was trading above the $7,000 level as the cryptocurrency market stabilized.
At its lowest point on Tuesday, the total cryptocurrency market saw over $550 billion wiped off its value.
But industry insiders see another rally ahead.
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and
major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year,”
Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email on Tuesday.